Kevin Claiborne II is a regular on “The Information Age” as a guest contributor. He is back again and his latest entry is focused on turning your interesting into income….

5 ways to Bridge the Gap Between your Interests and your Income: From Passion to Pension

 

My daily reminder to myself is “Never let the fear of failure or fear of greatness keep you from achieving your dreams.”  *

*If you’ve been conditioned to only read up to 140 characters: stop here, take my quote and put it on your Twitter.  For everyone else: keep reading.

Disclaimer: This isn’t one of those “Don’t like your job?  Quit and start a business” articles.  If that’s what you’re expecting, then feel free to close the page.

Starting a business is not for everyone and neither is getting a J.O.B. (Just Over Broke as some call them).  This article is not in favor of either one, but rather an informational guide to get your brain focused on figuring out what’s right for you.  Keep in mind, there are ways to get a fulfilling, rewarding, experience out of both a business endeavor and a job, and the method is by doing something you are intensely interested in and have a deep passion for, not by simply doing something because you can be paid for it or because you’re good at it.

If you want to have a business, job, or both, there is some information be aware of:

There are several statistical sources out there that claim that new 50% of new businesses fail within the first year and as many as 90 to 95% fail within the first five years.  For some, that is plenty of information to deter them from making the time and fiscal investment necessary to start a business or entrepreneurial venture. But for others, they realize that there is still a chance for success. It is important to remember that the definition of success and failure is ultimately up to the individual.  90 to 95% of those business failures mean that there were thousands of lessons learned about “What not to do”, which ultimately brings one closer to their perfect formula for success.

So, how do you blend the interests into the income and achieve “success”?  Here are five concise tips to get you started:

1.     Write down what you are passionate about

• If you don’t know what you’re passionate about, create a list of 10-100 personal values, or things you want to be remembered for when you are dead and gone, then narrow it down to a sentence or paragraph.
• Get a job, or create a job that allows you to knock off that list of 10-100 things.
• Invest your time and energy into even your smallest curiosities or interests.  You never know where an opportunity may present itself, but if you spend time doing things you enjoy, you increase the chance of receiving an opportunity related to your passion.

 2.     Creatively cultivate something of value that creates passive income (income generated even while you are not working) and relieves more stress than it creates.

• If you can create something that holds value, you can sell it.  Granted, there is some marketing involved and some connection as well, but the key is creating something that people value.

3.     Focus on finding a job, career, or vocation that allows you to be satisfied emotionally, and intellectually, not just financially.

• If you define your success by the amount of money in your bank account you will never be satisfied.  Focus on your mental, spiritual and physical health and participate in the work that contributes to your well-being.

4.     Eliminate distractions & never fear failure.

• Put your passion and interests first.  When you remember your list of values, you cannot waste time with distractions (Jobs, Relationships, Businesses, Social Networks, Reality Shows, etc.) that are not related to those values.
• Fear of failure will keep you from making progress.  If you’re afraid to fail, you will never succeed at doing anything new.

5.     Be patient and use your time wisely but don’t confuse being busy with being productive.

© 2013 Kevin R. Claiborne II